increased access to equity capital markets, but that issuers of large IPOs switch to non-related investment banks that are …

increased access to equity capital markets, but that issuers of large IPOs switch to non-related investment banks that are …

reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend … to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a … literature on equity analysts and rating agencies. …

Analysts providing more accurate earnings forecasts also issue more profitable recommendations. We demonstrate how … investors can profit from this contemporaneous link by differentiating between able and lucky analysts. In line with previous … analysts working in a superior environment provide consistently profitable recommendations. The overall profitability of their …

). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on positive … strong support for these arguments in a sample of 2,143 U.S. IPOs between 1981-2014. Hard to value firms conduct smaller IPOs …

for underwriters was dominated by a small oligopoly of six large banks, there was still perceptible competition, which … investors. Neither underpricing nor the one year performance was different for the IPOs issued by one of the Big Six. Thus …, although the German IPO business was in the hands of a small oligopoly, investors did not benefit from the lack of competition …